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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Sands Capital International Growth beat its benchmark by 6.1% in Q2 2025. The fund recycled capital out of weaker moats (Lonza, Zalando) into higher-quality secular growth plays (Galderma, On Holding, Pro Medicus)."
Sands Capital International Growth delivered a strong Q2 2025, outperforming the MSCI ACWI ex USA benchmark by 610 bps (18.1% net vs 12.0%). Outperformance was led by key holdings MercadoLibre, Spotify, and TSMC. During the quarter, the investment team executed several strategic changes: buying Galderma, On Holding, and Pro Medicus to elevate portfolio quality, while completely exiting Lonza and Zalando. The managers continue to run a concentrated portfolio of 32 businesses, emphasizing 'classic growth' characteristics, strong balance sheets, and robust competitive advantages to navigate a volatile, tariff-conscious macro environment.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Sands Capital International Growth beat its benchmark by 6.1% in Q2 2025. The fund recycled capital out of weaker moats (Lonza, Zalando) into higher-quality secular growth plays (G...
Growth Outlook
Market outlook remains above average conviction: Sands Capital International Growth beat its benchmark by 6.1% in Q2 2025. The fund recycled capital out of weaker moats (Lonza, Zalando) into higher-quality secular growth plays (G...
Risk Appetite
Risk appetite posture is above average conviction: Sands Capital International Growth beat its benchmark by 6.1% in Q2 2025. The fund recycled capital out of weaker moats (Lonza, Zalando) into higher-quality secular growth plays (G...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Sands Capital International Growth beat its benchmark by 6.1% in Q2 2025. The fund recycled capital out of weaker moats (Lonza, Zalando) into higher-quality secular growth plays (G...
Forward Guidance
Forward guidance signal: Sands Capital International Growth beat its benchmark by 6.1% in Q2 2025. The fund recycled capital out of weaker moats (Lonza, Zalando) into higher-quality secular growth plays (G...
Language Signal
Tone analysis indicates above average conviction language: Sands Capital International Growth beat its benchmark by 6.1% in Q2 2025. The fund recycled capital out of weaker moats (Lonza, Zalando) into higher-quality secular growth plays (G...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Sands Capital International Growth beat its benchmark by 6.1% in Q2 2025. The fund recycled capital out of weaker moats (Lonza, Zalando) into higher-quality secular growth plays (G...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Sands Capital International Growth beat its benchmark by 6.1% in Q2 2025. The fund recycled capital out of weaker moats (Lonza, Zalando) into higher-quality secular growth plays (G...
Time Horizon
Investment time horizon reflects a high conviction orientation. Sands Capital International Growth beat its benchmark by 6.1% in Q2 2025. The fund recycled capital out of weaker moats (Lonza, Zalando) into higher-quality secular growth plays (G...
